New Frontiers - Against All Odds Series: CFA Exams & The Devaluation of the Naira
"I wrote my CFA Level 1 exams when the exchange rate was N360 - $1" - Frank Nnamka
We were privileged to have an interview with a CFA Level 3 Candidate- Frank Nnamka. Frank was able to share with us what his thoughts are on the Devaluation of the Naira and the CFA Candidate.
Share your thoughts on what the effects of the Devaluation of the Naira are on the Nigerian CFA Candidate
For candidates, the concern is the cost they incur. As naira devalues, it becomes increasingly expensive to enrol for the CFA Exams. It is saddening that as the Naira is devaluing, salaries are not growing in direct proportion for some jobs and it means that candidates who have the will and desire to write the exams do not have the capacity due to the high cost. For example, I wrote my level 1 exams in 2019 when the Naira was N360 to a dollar but regardless I still had to take a loan against my salary to register for the exams. Now imagine what those trying to register for the exams now have to go through with the current exchange rate except they get help from probably father, mother, a close relation or take a loan but taking a loan now is also higher than what I had to get then. So really the cost is high for candidates and this will affect the level of enrolment to the charter and might force candidates to settle for lesser certifications.
With the rising need for CFA Charterholders in the country, do you think companies will invest in getting their employees chartered?
There are some firms that actually appreciate knowledge who offer full refunds to their employees on the expenses they incur in earning the charter or writing any level of the exams. But other firms do not.